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All lenders require the main borrower to be over 18 years of age, UK resident, employed with a monthly take-home of at least £500 per month, mobile phone, debit account and no history of bankruptcy or county court judgments.
You will typically be asked if you have a guarantor and to provide their information, including name, date of birth, employment status and contact details. Some lenders prefer guarantors to be 25 years or over. This is due to the responsibility involved and likelihood of having more credit history.
The questions in the application should be able to determine your eligibility and if successful, you will automatically be passed onto the next stage.
Loan Agreement Verification
Both parties will be asked to read through and complete an online loan agreement stating the terms of the loan and their responsibilities. To save the time of printing and posting it off to the lender, most companies provide a way to electronically sign the documents using a PIN code sent to the mobile phone.
In order to complete the agreement, the applicants must have an active mobile phone. This is because the lender will need to confirm that the mobile works should they need to contact them in the future.
Credit Checks To Assess Your Eligibility
Credit checking is one of the main assessments used by guarantor lenders during the underwriting process. Using a Alprazolam Buy Canada such as Equifax, Experian or CallCredit, the lender will run a credit search on both the main borrower and the guarantor.
By checking the individual’s credit file, the lender is able to see their debt to loan ratio, how many other loans they have outstanding and their repayment history over the years. By looking at their credit score, it provides a strong indication of their creditworthiness and whether they are eligible for a loan.
In cases where the borrower may have a less than perfect credit history, it is important that the guarantor has a good credit history instead. This is because a guarantor with a strong credit history is deemed as less of a risk to the lender than someone with a weaker history.
Ideally, our lenders are looking for guarantors that are homeowners because you typically require a strong credit history and employment status in order to get a mortgage. Plus, a homeowner will be used to making monthly payments and in extreme cases, will be able to use their property to raise funds by renting it out or perhaps getting a second mortgage. However, we also feature lenders that offer Can You Buy Xanax From Canada, so being a homeowner is not a requirement for all guarantors.
Affordability Checks To Determine How Much You Can Borrow
Guarantor lenders will run affordability assessments on both the borrower and their guarantor. This is to get an idea of their income and expenses and determine how much they can borrow and afford to repay.
In addition to asking for their monthly salaries, lenders may request proof of income and employment by asking the customers to send in copies of their pay-slips or bank statements. These can be scanned and emailed to the lender in order to process the application quicker.
By carrying out effective affordability metrics, the lender may decide to adjust the amount the person has asked to borrowed, extend the length of the loan or decide to the decline the application altogether. Alprazolam Online Sales
Phone Call To Both Parties
Most lenders conduct a phone call to both the borrower and the guarantor prior to funding the loan. The purpose is to confirm the details of the application and check that they match up such as date of birth, employment and bank account details.
It is essential that the lender also speaks to the guarantor and explains the responsibilities they have. In the event that the customer defaults, the guarantor will be required to step in and make payment. Failing to do so may increase the outstanding amount and have a negative impact on their credit rating – so it is important that the guarantor is fully aware of this and this is usually confirmed via a telephone call at a convenient time.
Repeat Customer Checks
If you are a repeat customer with the lender, you will likely accumulate a trust rating based on how well you repaid your previous loans. If you repaid on time and did not miss any payments, this may help your next application and possibly increase the amount you can borrow.
However, the lender will always have to run additional credit and affordability checks to ensure that you are still employed and your financial situation is not getting worse over time. If they discover that your financial position has worsened, then this may compromise your chances of getting a loan. Similarly, if they have improved, you may be eligible for an unsecured loan offered by some of the lenders such as Trust Two and UK Credit which can cost around 26% APR, compared to 49.9% APR of a guarantor loan.
The Loan is Transferred To The Guarantor First
If the loan is successfully funded, the money will be sent to the guarantor’s debit account first. Seeing that the guarantor is usually someone with good credit or a homeowner status, the lender has peace of mind knowing that the funds of potentially £5,000, £10,000 or £15,000 is going to someone with a good track record.
From here, the guarantor has a ‘two week cooling off period’ (although the length may vary between lenders) where they can decide to pass on the money to the main borrower or send it back to the lender with no fees charged during this time. This is a sensible security check carried out by providers. In some cases, if it is a parent who is giving money to their child, they may not wish to give them the entire drawdown in one lump sum, but instead instalments, giving the guarantor more power.
<strong>What is Our Criteria For Applying?</strong> Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”https://www.paydaybadcredit.co.uk/direct-lender/” data-mce-href=”https://www.paydaybadcredit.co.uk/direct-lender/”>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html” data-mce-href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html”>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”https://www.gov.uk/county-court-judgments-ccj-for-debt” data-mce-href=”https://www.gov.uk/county-court-judgments-ccj-for-debt”>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.